If the home has to meet special requirements (a common one is residential sprinklers), then you can potentially charge much higher rent and have higher cash flow on a long term lease to these operators.

The concern from the secondary capital markets lies in the following: Residential assets are appraised as, and commonly zoned as, their highest and best use.

This was very common in 2008-2011 when values declined

You can get all the advice and guidance with the forms you need from a local Realtor who has worked on hundreds of Real Estate transactions that have common forms that everyone understands and pay a $250-600. 

@Mitchell PetroskyHere is a structured approach to house hacking, including getting pre-approved for a loan, identifying an ideal investment property, building a trusted team, researching and making offers, managing the property effectively, and overcoming common challenges.

I should have clarified some of the things you pointed out though as that is common practice buying a STR anywhere to verify what permits you need and how to operate legally in the city.

Thanks for the info, yea it's a pretty common theme in the podcast and such world.

I'm thinking Sherwin Williams Alabaster (SW 7008) and white windows, and it's fairly common and well reserved in our region.

Is it just a matter of reaching out to GCs and asking for a list of generalized estimates for common rehab work?

If it's two mortgages, how common is it for a bank to do two at once for a new investor?